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The VW recovery and beyond

Covid scars may outweigh growth gains from reforms in the medium term

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Shankar Acharya
Ever since the National Statistical Office (NSO) estimates of 2021-22 Q1 came out at end August, there has been a lively debate on whether it reflects a V-shaped recovery or not. Well, a glance at the figure should answer the question. It plots the level of real (inflation-adjusted) quarterly GDP as per the NSO since the first quarter of 2019-20 and includes my guestimate for 2021-22 Q2. It clearly supports three statements. First, the recovery from the deep plunge of April-June 2020 (the brutal downswing of the “V”) was followed by a smart recovery in the next three quarters to
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First Published: Sep 22 2021 | 10:58 PM IST

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